BNP Paribas
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A lack of issuers, not a lack of demand, is keeping Latin American debt capital market activity quiet as the region looks set for its second consecutive week without issuance.
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BNP Paribas reported weak full-year earnings on Thursday, with an unexpected provision wiping out much of the firm’s profit for the last quarter. Underlying performance also disappointed investors, with the investment bank seeing an almost 25% decline in profits.
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An unwelcome spotlight on the Austrian banking sector did not stop Raiffeisen Bank International from shaving 20bp off the initial pricing thoughts for its €500m 11 year non-call six tier two deal on Thursday.
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An unwelcome spotlight on the Austrian banking sector didn’t stop Raiffeisen Bank International from shaving 20bp off the initial pricing thoughts for its €500m 11 year non-call six tier two deal on Thursday. -
The Republic of Turkey’s $1.5bn 6.625% 31 year bond, printed only a fortnight after the country’s fiscal problems were blamed in large part for dragging CEEMEA into turmoil, crossed the finish line with an awe-inspiring $6.25bn book. The huge success of the deal, which lead managers said was printed with only a 10bp new issue premium, prompted a rally across CEEMEA on Wednesday as it became clear that fears over Turkey’s capital markets access have been overblown.
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Brazil infrastructure group Odebrecht may finally bring some new issue action to Latin American DCM next week after mandating banks for a potential new bond to be issued by its oil and gas unit via Odebrecht Offshore Drilling Finance.
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BNP Paribas reported weak full-year earnings on Thursday, with an unexpected provision wiping out much of the firm’s profit for the last quarter. Underlying performance also disappointed investors, with the investment bank seeing an almost 25% decline in profits.
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Swedish lender Skandinaviska Enskilda Banken followed its compatriot Nordea into the seven year part of the senior unsecured curve on Wednesday, taking advantage of the deep liquidity available from investors looking for additional yield on top of the popular five year maturity.
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Astaldi and SNF Floerger took advantage of the lack of issuance in the European high yield market to tap bonds on Tuesday.
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SNF Floerger, the French polyacrylamide manufacturer, wants to tap its 5.5% June 2020 notes sold through its holding company SPCM for €100m.
